Saturday, December 10, 2011

How to place a Trigger order in ThinkorSwim

I figured out how to place a Trigger order. What that means is once the 1st is filled, the second order is put into action. So I/You can place an order to buy a stock at a price and once that is done, they will place are stop loss order exactly as we want it.

So here is how I did it, there might be an easier way, but this works.

1. Create a buy order in ThinkorSwim by right clicking inside the daily chart and then select buy.

2. Edit order

3. Select the amount of shares you want, Set your price, the set order type as Stop. This means that they will buy at or above set price. Remember, they will always try to buy at the lowest price. I have seen it a few times and they do. You can leave the order time to DAY unless you want it Good til Cancelled, GTC.

4. Now the magic, first click the box where it says, Advance Order: Single Order, and change it to 1st trgs OCO

5. Now click the little blue dot to the left of your Stock order and click Create an Opposite Order.

6. Now change the selling price to below the pivot low, change the Day order to a GTC, "Good to Cancelled" order.